Did UPS “Pants” the Teamsters?

Host of CNBC’s “Mad Money” Says Brown “Pummeled” The Teamsters

Jim Cramer, the host of CNBC’s Mad Money, went off on our new contract at UPS, telling viewers that the company “pantsed” and “pummeled” the Teamsters and that “Jimmy Hoffa must be rolling over in his Giants Stadium grave.”

Cramer cited the contract as one of the major reasons that UPS is a good bet to deliver higher profits over the rest of the year. Cramer said the contract will save UPS $640 million over the next five years by allowing UPS to pay new drivers less than the top rate.

Cramer called the giveback “a classic example of a union hosing over people who aren’t members yet.”

We don’t know how he calculated the $640 million. But we do know of other huge money-makers for the company in the contract.

By the fifth year of this contract, elimination of the full-time job creation clause in this contract will save approximately $480 million per year for UPS, every year. The union gave away the language in Article 22.3 that required UPS to create 10,000 new full-time combo jobs over the life of the contract.

Splitting 43,000 workers out of the Central States Pension Plan was the single most valuable concession UPS management got from the union. The savings will be many billions over the years—far more than the $6.3 billion the company paid to pull out of Central States.

No wonder UPS management bragged to the Wall Street Journal on July 23 about the big savings the company will get in the new contract

CNBC’s Cramer agrees: “I can’t overemphasize the importance of this contract to UPS. Personally, I love unions. But professionally I love companies that have crushed unions. And UPS, you know what they just did: They pantsed the Teamsters!”

Click here to watch the video of Cramer on Mad Money.
Cramer’s comments trashing the contract givebacks come at the six-minute mark.

Click here to read the Wall Street Journal article from July 23.

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3 Responses to Did UPS “Pants” the Teamsters?

  1. qb_villain says:

    This doesnt come to a surprise to me! I already knew that jimmy Hoffa and the local 804 board sold all the members out with this contract. The company will save millions by doing everything they did to us in this horrible contract that was passed. In the end we suffer. Ups will continue to make record profits, and the union members who continiue to make this company rich will be stuck in a garbage 5 year contract . That has horrible raises and a freeze on fulltime insde jobs. So im glad to see that Jim crammer saw the same thing that i saw. UPS totally pummeled the teamsters and in return we all got a slap in the face by the union thats suppose to look out for our best interests. This is a clear sign that we need new leadership . Especially in the local 804 board. Its amazing to me how UPS , hoffa, all the members of the 804 executive board are all making great money and looking out for themselves but they didnt look out for the membership in this contract. Instead they sent letters to our houses telling us to vote for this garbage contract. Thank you JIm Cramer for that video it makes me feel so much better to see JIm say what i have been saying this whole time. WE were all pantsed. So now while the cost of everything is going up we will be getting horrible wage increases and no full time inside jobs. Thank you local 804 and thank you hoffa for selling us out! Remember who put you where you are today.

  2. BrownClown says:

    [b]We didn't get pantsed! WE got RAPED! [/b]

    And I was one of the loudest people on here saying how the contract sucked and we were getting sold out.
    How Howie Redmond (Local 804) was a coward and a traiter for being a Hoffa yes man and ignoring us and supporting this suck ass contract. And remember all the people on here that were scared to death thinking we couldnt get better and saying that Howie really is a good guy…not only are we a laughing weak ass union (thanks to Hoffa, Hall ) in the eyes of UPS but now news pundits like Kramer are laughing at us!

    When does this end?

  3. mrfrank22 says:

    this contract is trash and i voted no on this garbage.

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